1997 PLP (Trib (PTD)
N/A
| Citation | 1997 PLP (Trib (PTD) |
| Forum / Court | Income-tax Appellate Tribunal Pakistan |
| Bench Members | Muhammad Tauqir Afzal Malik, Judicial Member and Iftikhar Ahmad Bajwa, Accountant Member |
| Parties | N/A |
| Primary Law | Wealth Tax Act (XV of 1963) |
Q1: What are the key laws and sections cited in 1997 PLP (Trib (PTD)?
This judgment primarily cites: Wealth Tax Act (XV of 1963) as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 1997 PLP (Trib (PTD)?
The case was heard and decided by the Income-tax Appellate Tribunal Pakistan bench comprising: Muhammad Tauqir Afzal Malik, Judicial Member and Iftikhar Ahmad Bajwa, Accountant Member.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 1997 PLP (Trib (PTD) (N/A). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Saleem Akhtar Khan for Appellant.
- Zafar Ahmad, D.R. for Respondent
- Date of hearing: 20th June, 1996
Headnotes / Summary
S.7
C.B.R. Circular No.l l of 1994, dated 17-7-1994
Valuation of commercial buildings
Assessee declared value of the shop as per P.T.I.
Assessing Officer adopted value following the C.B.R. Circular No.11 of 1994, dated 17-7-1994
Held, value of the shop which happened to be more than 10 times of the annual letting value but which had been accepted for the immediately preceding year shoed have been adopted in the assessment under appeal.
Judgment & Decree
2.Arguments heard record perused.
3. The assessee is owner of the Shop No.11 Sabzi Mandi, Lahore. The area of the shop is 7 Marlas. The total value of the shop was declared at Rs.2,40,
000. Copy of P.T. 1 was also obtained by him and pled on record. The cost of the land was worked out at Rs.15,00,000 at the rate of Rs.2,00,000 per Maria and the covered area was worked out at 168) ;q. ft. at the rate of Rs.150 per. sq. ft. by the Assessing Officer. The learned A.A.C. of Appeals adopted the value of the land at the same rate but reduced the superstructure at the rate of Rs.100 per sq. ft. He has also referred to Circular No.11 of 1994. The contention of the learned counsel is that the shop is on rent since the assessment year 1975-76 and presently it is retching Rs.1,500 per month.
4. We have gone through the C. B. R. Circular No. ll of 1994 in which the second portion of the Circular deals with the commercial buildings which reads as under: "(II) Commercial buildings (a) The value of commercial buildings and shops shall be determined, as far as possible, in the manner prescribed in sub-para (1). Sub-para (1) reads as follows:-- (1) "The market value of houses and apartments which have been let out is to be determined as ten times the gross annual letting value of such property."
5. There is no denial by the A.A.C. that the shop is on rent of Rs.1,500 per month. The annual letting value of the shop comes to Rs,1,000 and its ten times value works out to Rs.1,80,000 which is even lesser than the declared value. During the course of arguments, it has been pointed out that last year the value of the shop was adopted at Rs.2,50,
000. A photostat copy of the order of A.A.C. of Wealth Tax, Circle-VII, Lahore is available on the file. The value of the shop at Rs.2,50,000 which happens to be more than 10 times of the annual letting value but which had been accepted for the immediately preceding year must be adopted in the assessment under appeal also.
6. The appeal succeeds as above. M.S./365/Trib.???????????????????????????????????????????????????????????????????????? ?????????? Order accordingly.